FHA 203(k) - For Those Who See Possibilities

Aug 13 2015

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The 203(k) Rehab Loan helps borrowers rehabilitate their property with a single loan that
finances both the purchase price and the costs of home improvements.

This is the perfect program for those homebuyers who want to take a fixer-upper and transform it into their dream home!

Highlights of the 203(k) program are:

  • 30-year fixed FHA renovation program
  • Contractor chosen by buyer
  • Seller receives agreed upon sale price
  • Buyer’s loan includes rehab escrow account
  • Work begins at closing
  • “After improved” value used to approve loan
  • Cost of work is included in the loan
  • Program uses an easy FHA “subject to” appraisal
  • Full 203k - Extensive repairs - $35,000+
  • Streamline 203k - Smaller repairs - $5,000 to $34,999

To take advantage of our 203(k) program and all The Money Source has to offer, visit our Become a Partner page!

Topics: Correspondent, FHA, The Money Source, 203k, Pink Unicorn, Renovation

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